血亏35％！东方红“三年锁定期”反成投资者噩梦，谁该背锅？

Core Viewpoint - The performance of the "three-year holding period" funds under Dongfanghong Asset Management has been disappointing, with many funds showing negative returns since their inception, raising concerns about the company's product strategy and market judgment [2][3]. Group 1: Fund Performance - As of September 18, 2025, 13 "three-year holding period" funds from Dongfanghong have not achieved positive returns, with six funds showing returns below -15% [2]. - The worst-performing fund, Dongfanghong Qixing Three-Year Holding A, has a return of -35.05% since its inception on October 29, 2021 [3]. - The majority of poorly performing funds were launched in 2021, coinciding with a peak in the A-share market, leading to systemic risks from the outset [3]. Group 2: Management and Strategy Issues - The overall poor performance of Dongfanghong's three-year products indicates systemic issues in product layout, research capabilities, and market judgment [3]. - The current fund managers, including those with extensive experience in both manufacturing and investment research, face challenges due to increased market volatility since 2021 [4]. Group 3: Market Perception and Product Design - The widespread losses in three-year holding period products have prompted a reevaluation of their design logic and issuance rationale, as they were intended to encourage long-term investment [5]. - The original intent of these funds was to create a win-win situation for investors and fund managers, but many products have instead become a "passive shackle" for investors [5]. Group 4: Company Challenges - Dongfanghong Asset Management has seen its public fund management scale shrink from a peak of 269.62 billion to 166.30 billion, a decrease of 38.32% [7]. - The company reported a revenue of 1.44 billion and a net profit of 333 million in 2024, both down approximately 30% year-on-year [7]. - The decline is attributed to the departure of core team members since 2016, which has disrupted the continuity of investment philosophy and strategy [7]. Group 5: Leadership Changes - In May 2025, Dongfanghong appointed a new general manager, Cheng Fei, who has a background in fixed income and new business areas, raising hopes for a turnaround in the company's performance in equity investments [8].